The Miami Foundation has announced the Collective Real Estate Ownership (CREO) Grants to facilitate the purchase of shared commercial real estate in select Miami-Dade neighborhoods.
Donor Name: The Miami Foundation
State: Florida
County: Miami Dade County (FL)
Type of Grant: Grant
Deadline: 11/28/2022
Grant Size: not to exceed $500,000
Grant Duration: 5 years
Details:
The purpose of this funding opportunity is to support collective property acquisition in strategic Miami Dade neighborhoods by providing recoverable funding to cover down payment and select closing costs for shared commercial real estate. The property must be used for commercial or majority commercial (mixed-use) purposes.
The grant will cover up to 20% of the purchase price as well as select realty, mortgage, and closing fees, provided the grant amount requested does not exceed $500,000. The grant recipient(s) will be expected to secure additional financing to secure the purchase. Funding will be disbursed to the closing or title agent at the conclusion of the transaction to facilitate the purchase for the applicant collaborative. Funding will not be disbursed directly to grant applicants. Recipients should be prepared to pay select transaction costs out of pocket, including inspection and appraisal fees, and earnest money deposit. Applicants must complete a detailed budget request as part of the funding application.
Funding Information
Grants will be awarded as a 5-year grant, not to exceed $500,000 total. Please note, not all grant awards will be fulfilled at the full amount requested.
Eligibility Criteria
- Eligible collective real estate grant applicants should be a collaborative of more than one organization. Collaborative members can include 501(c)(3) public charities and governmental entities serving Miami Dade County, organizations with an existing relationship with a 501(c)(3) fiscal sponsor, or for-profit small businesses (e.g., LLC, S or C corp, etc.).
- Please note: grant recipients incorporated as a for-profit business will receive a tax Form 1099 for any funding provided under this program. All taxes associated with the acceptance and/or use of funding through this program are the sole responsibility of the individual recipient. Prospective applicants are advised to consult with their own tax professionals and/or legal counsel to ascertain the tax impact of funding that may be provided under this program.
- An eligible collaborative and its constituent businesses must be owned or operated by an individual(s) from a historically underserved background and must be in operation for at least 2 years. In addition, the proposal subject location must be located in one of the following communities:
- Allapattah
- Homestead and Florida City
- Liberty City and Little Haiti
- Miami Gardens and Opa Locka
- North Miami and North Miami Beach
- Overtown
- Richmond Heights and West Perrine
For more information, visit The Miami Foundation.
